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UPDATES&INSIGHTS: TAX – October 2020

UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.

In This Issue:

Beware of Wash Sales When Selling Securities

 Under this tax rule, if a taxpayer sells stock or securities for a loss and buys substantially identical stock or securities back within the 30-day period before or after the sale date, that loss can’t be claimed for tax purposes. This article provides some key details for taxpayers about this often-surprising rule. Read More

Is It Time for a Cost Segregation Study?

A cost segregation study combines accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than real property. As a result, the business that owns the real property can claim valuable tax breaks. This article explores the concepts behind cost segregation studies. Read More

The Deduction Is in the Details

Before 2018, meals and entertainment costs were deductible subject to a 50% limitation.   In the Tax Cut and Jobs Act, deductions for entertainment expenses were eliminated.  Food and beverages continue to be deductible subject to the 50% limitation.  In a recently released regulation, the IRS clarified the rules regarding combined activities (meals and entertainment). Read More

Talking About the Sandwich Generation

The term “sandwich generation” describes people caught between caring for their aging parents and their children. This brief article encourages those in the middle part of the sandwich to initiate family discussions with the other two parts to discuss tax and financial planning issues. Read More

The Pros and Cons of NQDC Plans

Nonqualified deferred compensation plans allow participants to set aside large amounts of tax-deferred compensation, but also pose substantial risks. This article distinguishes NQCD plans from qualified defined contribution plans and discusses the pros and cons. Read More